Will Lotus cars make it to 2015?

[Hedgerley]

Regional Growth Funding now on hold -

http://www.bbc.co.uk/news/uk-england-norfolk-17720...

Understandable given the hiatus this past week. And a real shame - I am familiar with the due diligence that backs up the award of these grants (Lotus failed in the first round). This imply Lotus passed the test second time around and there was evidence of stability and potential prior to the take over. Well, at least someone at BIS thought as much. Lets hope its still the case whatever the outcome and Lotus get the money.

[Fastpedeller]

Hedgerley said:

Regional Growth Funding now on hold -

http://www.bbc.co.uk/news/uk-england-norfolk-17720...

Understandable given the hiatus this past week. And a real shame - I am familiar with the due diligence that backs up the award of these grants (Lotus failed in the first round). This imply Lotus passed the test second time around and there was evidence of stability and potential prior to the take over. Well, at least someone at BIS thought as much. Lets hope its still the case whatever the outcome and Lotus get the money.

10.4m is only a drop in the ocean if the quoted figures are correct - also it was a loan (not a gift) so therefore would have to be paid back? with interest? - more money to the bankers!!!

[Ozzie Osmond]

Fastpedeller said:

10.4m is only a drop in the ocean if the quoted figures are correct - also it was a loan (not a gift) so therefore would have to be paid back? with interest?

Never forget that nice Mr DeLorean who lifted $120 million from the UK government for his disastrous car factory in Northern Ireland.

Colin Chapman and Lotus were heavily involved and of £30 million invoiced by Lotus around £10 million "went missing". It's said DeLorean took about £5m while Chapman took £4.5m and Fred Bushell (Lotus accountant) £5m. In July 1989 when Bushell was arrested he knew exactly where all the money had gone but refused to say anything and was sentenced to three years in jail and fined £1.5m. As he could not pay the fine he spent an extra year in jail.

At Bushell's trial the judge said that Chapman, had he not already died from a heart attack, would have been sent to prison for "at least 10 years".

[The Pits]

Yes atrocious behaviour. But not as unforgivable as Porsche's recent atrocities namely the Cayenne and the Panamera!

[Kamox]

The Pits said:

Yes atrocious behaviour. But not as unforgivable as Porsche's recent atrocities namely the Cayenne and the Panamera!

Atrocities which, by the way, allow the company to make profits and sport cars.

[The Pits]

Actually, the 911 continues to be highly profitable on it's own. In fact the 911 commands the highest margin of any sports car. Of all the sports car makers porsche were the least in need of selling out.

[Kamox]

Porsche was going nowhere, financially, in the 993 era.
Boxster and, above all, Cayenne, saved it. Now they profit from the 911 also, but the SUV saved them from bankruptcy.

[The Pits]

What is miraculous is that sticking a porsche badge on a VW toureg hasn't bankrupted them.

It could and should have crippled the brand. I mean the Panamera is hideous beyond belief but it's still a Porsche.

[Dodgey_Rog]

Ozzie Osmond said:

Fastpedeller said:

10.4m is only a drop in the ocean if the quoted figures are correct - also it was a loan (not a gift) so therefore would have to be paid back? with interest?

Never forget that nice Mr DeLorean who lifted $120 million from the UK government for his disastrous car factory in Northern Ireland.

Colin Chapman and Lotus were heavily involved and of £30 million invoiced by Lotus around £10 million "went missing". It's said DeLorean took about £5m while Chapman took £4.5m and Fred Bushell (Lotus accountant) £5m. In July 1989 when Bushell was arrested he knew exactly where all the money had gone but refused to say anything and was sentenced to three years in jail and fined £1.5m. As he could not pay the fine he spent an extra year in jail.

At Bushell's trial the judge said that Chapman, had he not already died from a heart attack, would have been sent to prison for "at least 10 years".

Hang on, you say 10 mill went missing, if Delorean took 5m, Chapman took 4.5m and then Fred the Shred took 5m, i make that 14.5m?

[KelWedge]

The Pits said:

What is miraculous is that sticking a porsche badge on a VW toureg hasn't bankrupted them.

It could and should have crippled the brand. I mean the Panamera is hideous beyond belief but it's still a Porsche.

Whats the problem with that, I seem to remember Porsche bringing a car out with a VW Van Engine in it !!!!

[Thorburn]

Press Release from DRB-Hicom: http://www.seloc.org/2012/04/drb-hicom-confirms-lo...

[marshalla]

Thorburn said:

Press Release from DRB-Hicom: http://www.seloc.org/2012/04/drb-hicom-confirms-lo...

Interesting - it doesn't say "won't sell", but just says "not decided", unless I'm missing a very subtle nuance in the text of the release.

[RYH64E]

Yes, big difference between 'not decided to sell' and 'decided not to sell'.

[Thorburn]

Original source was a little more optimistic looking than the full press release.

Updated accordingly

[Ozzie Osmond]

Dodgey_Rog said:

Hang on, you say 10 mill went missing, if Delorean took 5m, Chapman took 4.5m and then Fred the Shred took 5m, i make that 14.5m?

Apologies for omission of the decimal point from Bushell, about £0.5m. Here you go with some better numbers,

"The government agreed to pay Lotus $18m but this money went to a Geneva-based, Panama-registered company which had been set up to avoid tax. This money disappeared without trace. DeLorean is alleged to have taken around 50%, while Chapman took 45% and Bushell just 5%."

[SFO]

"As of today, DRB-HICOM has identified one of PROTON’s Senior Management personnel to take up a position in Lotus Group in an effort to strengthen its management."

hopefully Bahar will be brought under control ..

[Stephanie Plum]

Ozzie Osmond said:

Dodgey_Rog said:

Hang on, you say 10 mill went missing, if Delorean took 5m, Chapman took 4.5m and then Fred the Shred took 5m, i make that 14.5m?

Apologies for omission of the decimal point from Bushell, about £0.5m. Here you go with some better numbers,

"The government agreed to pay Lotus $18m but this money went to a Geneva-based, Panama-registered company which had been set up to avoid tax. This money disappeared without trace. DeLorean is alleged to have taken around 50%, while Chapman took 45% and Bushell just 5%."

My accountant was part of the audit team that worked on that and sent Mr Bushell to jail. It's an interesting tale

[Scuffers]

Stephanie Plum said:

Ozzie Osmond said:

Dodgey_Rog said:

Hang on, you say 10 mill went missing, if Delorean took 5m, Chapman took 4.5m and then Fred the Shred took 5m, i make that 14.5m?

Apologies for omission of the decimal point from Bushell, about £0.5m. Here you go with some better numbers,

"The government agreed to pay Lotus $18m but this money went to a Geneva-based, Panama-registered company which had been set up to avoid tax. This money disappeared without trace. DeLorean is alleged to have taken around 50%, while Chapman took 45% and Bushell just 5%."

My accountant was part of the audit team that worked on that and sent Mr Bushell to jail. It's an interesting tale

the sad part of the story is that Delorean as a company was actually working, cars were being sold, and the primary market (US) was waiting for cars.

all the politics and bullst about the so called 'missing' money was largely a side show, but because of the way it was handles and sensationalised, the company was screwed over, and a lot fo people lost their jobs (this also totally ignores the positive effects Delorean was having on the 'troubles' in Northern Ireland).

if you remember, John Delorean got stitched up and dragged though the courts on drugs charges that all came to nothing, Lotus got shafted over the so called 'missing' money, etc (and let's not loose sight of the small fact that they were paid the money for work that was delivered, what they did with it is irrelevant in the context - it's pretty clear it went to pay the (past) bills for the F1 team)

[Ozzie Osmond]

Scuffers said:

the sad part of the story is that Delorean as a company was actually working....

You'll need to provide some evidence to back that one up! Everything I've seen says the whole enterprise was an unmitigated disaster.

Meanwhile back at Hethel we must hope they're getting some saleable cars built right now. That means 2-seaters IMO ....

[Hedgerley]

Ozzie Osmond said:

Meanwhile back at Hethel we must hope they're getting some saleable cars built right now. That means 2-seaters IMO ....

Yes they are. Extract from EVO's interview last Friday, following resumption of production and re-instatement of day to day funding -

"First will be the Elise, then the Evoras and finally the Exige S. We have 1162 orders to fill [189 Elise, 156 Elise S, 350 Exige S, 182 Evora and 250 Evora GTE models]"

Full interview here, revealing that things are almost back to normal. Well, as normal as they can be under the current circumstances.....

http://www.evo.co.uk/news/evonews/282088/exclusive...